US economic growth between the 4th quarter of 2018 and the 4th quarter of 2017 is revised to 2.5% from 3%. US President Donald Trump had repeatedly hailed the 3%.
AMERICAN ECONOMY. The United States' gross domestic product in the 2nd quarter of 2019 slows to 2.1%. Photo from Shutterstockcooled in the 2nd quarter of 2019 to a still-solid pace, government data showed Friday, July 26, while officials also slashed an economic figure prized by President Donald Trump.
Taken together the new data portrayed an economy that enjoys robust strength in some quarters but has begun to sputter worryingly in others, even while the US is outshining sluggish economies in Europe, Japan, and elsewhere. But that was not enough to make up for tumbling investment in factories and commercial buildings, which sank more than 10% for the quarter, and falling income from software royalties and other intellectual property. Amid a global economic slowdown, weakening foreign demand for US exports meant American factories sold fewer autos, parts, and factory equipment.
In the revisions that stretch back to the final quarter of 2013, the Commerce Department said revised and newly available data showed October-December 2018 was much weaker than previously reported, notably spending on healthcare and autos.As a result, growth between the 4th quarter of 2018 and the 4th quarter of 2017 – the measure of annual growth favored by the White House and many economists – was chopped down to 2.5% from 3%.
A prior Commerce Department estimate of 2.9% average growth for all of 2018 compared to all of 2017 was unrevised."The press tried to make it 2.9. I said, 'It's not 2.9,'" Trump said during a speech to supporters in Ohio.In policy documents, the White House claims the president's economic agenda of tax cuts, slashed regulation, and trade reform will push the US economy to 3% annual growth over a decade.
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